afd the sum of £ ) they the sd (releasors) do hby resply acknge And pursuant to and in exon of the sd agrt They the sd (releasors) Have and each of them Hath remised reld and discharged and by these prests do and each of them doth remise &c. (see last Precedent) Provided nevss and it is hby decld and agrd by and betn the parties to these prests and the true intent and meaning of them and of these prests or any matter or thing herein contained shall not rele or be construed to rele or in any manner to prejudice or affect any claim or demand which the sd (releasors) or either of them have or ever had or which they or either of them or either of their exs ads or ass hraftr shall can or may have upon or agst the sd F. or upon or agst the jt estate or effects of the sd F. and E. in respect of the debts so due from the sd F. and E. or any pt of such jt estate or effects whether the same shall be in the hands of or recoverable from F. and E. or either of them or from any or. psn or psns whomsr And that it shall and may be lful for the sd (releasors) their exs ads and ass from time to time when and as they shall be thereto advised to commence and prosecute any actions suits or or. proceeding either at law or in equity agst the sd E. jtly with the sd F. or agst the sd E. his exs ads or ass separately for the purpe of recovering or compelling or of enabling the sd (releasors) their exs ads or ass to recover or compel paymt or satisfaction of the debt so due and owing from the sd F. and E. to the sd (releasors) as afd either by or out of the jt este of the sd F. and E. or by or from the sd F. his exs ads or ass or his separate este and effects Provided always and it is hby furr decld and agrd by and betn the pties to these prests and it is the true intent and meaning of them and of these prests that in case deft shall be made in the due paymt of any two of the before mentd promissory notes successively to fall due in such manner that any two of the promissory notes shall be due and unpaid at the same time Then and in such case these prests and evy matter or thing herein contd shall from and immly after such deft be absolutely void and of no effect And the sd sum of £ and all and evy time be pd in or. sum or sums of money which may at any No. CCCXLVII. Release. Proviso that creditors may sue the partners. 680 No. CCCXLVII. Release. ass by reason or in respect of the deft hnbefe mentd to be due to them from the sd F. and E. either upon or agst F. and E. jtly or separately their or either of their exs or ads shall from and immly after such deft be in full force and virtue as to so much of the debt so due to the sd (releasors) as afd as shall remain unpd in like manner to all intents and purps as if these prests had not been made anything herein contd to the contrary thereof in anywise notwithstanding In witness &c. see ante, No. LXVI. No. CCCLXVIII. No. CCCXLVIII. Memorandum indorsed on the above Deed of Release. This deed is deposited by the within-named (releasors) and by G. B. of &c. on the pt of the within-named (releasee) with E. L. of &c. who is to deliver it to (releasee) his exs or ads or to his or their order after due paymt of the within mentd promissory notes according to the tenor and meaning of the within-written indre of rele but in case of any deft in paymt of the promissory notes or any of them according to the tenor and meaning of the within-written indre E. L. is to deliver up the indre to the sd (releasors) their exs or ads to be cancelled In the mean time the indre is to remain in the hands of the sd E. L. for the purps afd. Validity of deed or otherwise. CONVEYANCES IN TRUST FOR CREDITORS. 1. Validity of Deed or otherwise. 5. Receipts of Trustees, valid Dis- 2. Power of Sale to Survivors. 3. Delegating Trust. 4. Power to sell or mortgage. SECT. 1. A conveyance for the payment of debts generally, to which no creditor is a party, and in which no particular debts are expressed, has been held to be a fraudulent conveyance within the 27 El. c. 4, as against a purchaser for valuable consideration, Leech v. Leech, 1 Chan. Ca. 249; but where a debtor between judgment and execution made an assignment of all his effects to trustees for the benefit of all his creditors, this was held not to be fraudulent and void under the 13 El. c. 5, although not signed by any of the creditors, see Pickstock v. Lyster, 3 M. & S. 371; see further Dig. p. ii. tit. FRAUDS (FRAUDULENT CONVEYANCES). Conveyances in Creditors. 2. A power of sale given to two or more trustees will not survive, Power of sale unless it be expressly so stipulated by the deed, Townsend v. Wilson, 3 Madd. 261; S. C. 1 B. & A. 608. to survivors. 3. As trustees cannot delegate their power, it may be sometimes Delegating prudent to give them express authority to that effect. trust. mortgage. 4. As it is doubtful whether, under a trust to raise money by sale Power to sell or or mortgage, the trustees having mortgaged can afterwards sell to pay off that mortgage, Palk v. Lord Clinton, 12 Ves. 48; it may be proper to provide for this event in the deed. 5. Under the usual clause, that the receipts of trustees shall be valid discharges, it is necessary for all the trustees to join in the discharge where a trustee has only released to his co-trustee, and not absolutely renounced his trust, it has been held, that his signature is necessary to make a valid discharge, Crew v. Dicken, 4 Ves. 97. Receipts of trustees valid discharges. 6. Where an estate is to be sold for the payment of debts generally, Liability of the purchaser is not bound to see to the application of the purchasepurchaser. money; but where the debts are scheduled, he is bound so to do, unless the deed, from the terms of it, exonerates him, Dunch v. Kent, 1 Vern. 260; Spalding v. Shalmer, ib. 303; Binks v. Lord Rokeby, 2 Madd. 227. See further, Obs. next precedent. No. CCCXLIX. Conveyance of Freeholds in Trust for Creditors where the This Indre made the &c. see ante, No. LXXXV. Betn (debtor) of &c. (a) of the one pt (trustees) of &c. creditors of the sd (D.) and trustees named and apptd on behalf of themselves and the or. crs of the sd (D.) for the purps hraftr mentd of the or. pt Whas (recite seisin, see BANKRUPTCY) (b) And whas the (a) If the debtor is possessed of an estate in right of his wife, or is tenant in tail, as to parties see FINES AND RECOVERIES. (b) If the debtor be tenant in tail, recite seisin, see BANKRUPTCY. Also the consent or otherwise of the protector, see FINES AND RECOVERIES. If it be an No. Conveyance in No. CCCXLIX. Conveyance in sums of money on Trust for Testatum. Habendum. Power to sell or mortgage. sd (D.) is and stands justly indebted to various psns in divers appointment under a power, recite the deed creating the power, see ante, Ar (a) If it be an appointment under a power, say "by virtue and in pursuance of the powers authties and limitations in the sd in pt recited indre contd and in exercise of all or. powers in him vested to him given or him in anywise enabling in this behalf Hath directed limited and appointed and by this present deed or writing by him the sd (D.) signed sealed and delivered in the presence of and attested by the two credible witnesses whose names are intended to be hereupon written or indorsed as witnesses to the exon thof by the sd (D.) doth direct limit and appt That all &c. (describe parcels) togr with all houses &c. see post, RɛLEASE (CONVEYANCE) and the revn &c. shall henceforth be and remain to the use of the sd (T.) their hrs and ass for ever but nevss upon the trusts &c. And this Indre furr witnesseth That for the consons afd and also in conson of 5s. to the sd (D.) [or, if there be a dower trustee, to the sd (D. and T.) by the sd (T.)] in &c. pd the rect &c. He the sd (D.) Hath [or, they the sd D. and T. Have and each of them Hath'] granted bargained &c." (see above). may be suth (b) If the debtor be tenant in tail, and there be no protector, it cient to say, "freed and absolutely discharged from all estes tail." As to the declaration to bar dower, see DoWER, and FINES AND RECOVERIES. (c) If there be copyholds, then add, by a further testatum, a covenant to surrender, see CONVEYANCE IN TRUST TO SELL. (d) As to the necessity of the words "survivors &c." see sect. 2. (e) As to the propriety of this clause, see sect. 3. further No. CCCXLIX. Conveyance in by them or him duly authorized do and shall witht any or or. consent and concurrence of the sd (D.) his hrs exs or ads immly or at any time or times after the sealing and delivery of these prests make sale or mortgage of all the sd messes and tents lds heredts and preses hby granted and reld or orwise assured or intended so to be or any of them or any pt or pts thof as they shall think fit either togr and in one lot or pcl or in separate lots and pcls and either by public sale or private contract or ptly by public sale and ptly by private contract and for such price or prices sum or sums of money as the sd (T.) or the survors &c. shall think fit with full power to buy in all or any pt of the sd herdts and preses which shall have been put up to sale by public auction and to resell or offer them again to sale in all or any of the modes afd witht being liable in any of the sd cases to answer for any loss or diminution in price which may happen thby and also to mortgage the sd heredts and preses or any of them or any pt thof and at any time thereaftr to sell and absolutely dispose of the heredts so mtged (a) or any pt thof either subject to the sd mtges or discharged therefrom And also with like power and authty to convey and assure to any psn or psns who shall become the purchaser or purchasers mortgagee or mortgagees of the sd messes or any pt thof in such manner and form as he or they shall direct or appt And in the mean time and until such sale or or. disposition shall be made and as to such parts as remain unsold or undisposed of Upon Trust that To receive rents they the sd (T.) or the survor &c. do and shall enter into and upon all and singr the same heredts and preses and rece and take the rents issues and growing proceeds and also all arrears of rent and all and evy sum and sums of money which are now due to the sd (D.) from all and evy the lessee or lessees of the sd (D.) (b) And it is hby decld and agreed by and betn the Contracts enpties hereto that all contracts agrts mtges sales dispositions and trustees to be conveyances acts deeds matters and things whatsr which shall valid. or may be entered into made done or exted by the sd (T.) or the survors &c. shall be as valid as if he the sd (D.) had joined (a) As to the propriety of this latter clause, see sect. 4. (b) If there be arrears of rent, add, if necessary, an assigument of the rent by a further testatum and a power of attorney, see CONVEYANCE IN TRUST TO SELL. until sale. tered into by |